The two tech giants have shed $269 billion in market capitalization over the last two days. Despite setting all-time high share prices this year, Apple and Nvidia are facing challenges. Apple's steady gain this year was due to solid earnings beats during the first and second quarters, while Nvidia's share price more than tripled due to high expectations about its AI business. However, the recent downturn in their stocks is causing concern among investors.
Key takeaways:
- Apple and Nvidia stocks have experienced significant drops, with Apple shares slipping 3.4% and Nvidia shares dropping about 3% on Thursday.
- The drop in Apple's shares comes after reports that China is considering banning iPhone usage among some government workers and employees at state-owned corporations.
- Nvidia's stock slump is attributed to a conspiracy theory suggesting that the company has artificially inflated revenue in its AI segment.
- Together, Apple and Nvidia have shed $269 billion in market capitalization over the last two days.